Deutsche Bank Securities, the New York-based investment banking and securities unit of German colossus Deutsche Bank, has bowed to pressure from Fidelity Investments to unbundle research and trading costs, The Boston Globe reports. The news comes just two months after the
Although a Fidelity spokesperson would not quantify how much Fidelity expects the move to shave from its trading costs, Chris Traulsen, an analyst with Morningstar in
"We hope it will lead to some broader changes in the industry, but we're not doing it based on what we hope might happen," said Eric D. Roiter, Fidelity's general counsel.
"We're doing it because it's best for our fund shareholders," he told The Globe.